PancakeSwap’s native token CAKE surged 15% as the trading platform overtook other decentralized exchanges in daily trading volume, reaching $1.64 billion. PancakeSwap saw its native token ( CAKE ) surged 15% as the platform became the most active decentralized exchange by daily trading volume. Data from analytics platform DefiLlama shows that PancakeSwap recorded $1.639 billion in 24-hour trading volume on Monday, Mar. 17, overtaking Uniswap ( UNI ) and Raydium ( RAY ), which saw $1.021 billion and $334.98 million, respectively. https://twitter.com/cz_binance/status/1900114634121601493 The surge in trading volume apparently comes after Binance founder Changpeng Zhao reignited interest in memecoins, indirectly promoting BNB Chain-based memecoin MUBARAK on his social media profiles . https://twitter.com/ai_9684xtpa/status/1901228953857298777 A few days later, on-chain analysts reported that a crypto address associated with Zhao spent 1 Binance Coin ( BNB ) to purchase MUBARAK, though it’s unclear how much Zhao-backed promotion affected activity around the token. As of press time, MUBARAK soared over 270% in the past seven days. Data from PancakeSwap V3 shows that following Zhao’s mentioning of MUBARAK, the token soared to the third most traded asset on the platform, behind only Tether ( USDT ) and Wrapped BNB. You might also like: Binance founder plans BNB liquidity boost, warns against opportunistic token sends Earlier in February, crypto.news reported that PancakeSwap’s total volume jumped over 60% to $28.23 billion, marking its best performance since November 2021. The exchange also crossed a major milestone, with its historical trading volume surpassing $1 trillion. PancakeSwap’s DEX volume has also translated to higher fees for the exchange as its total fees this year rose to $64 million, bringing the 365-day total to $274 million, becoming one of the most profitable players in the decentralized finance industry. Read more: 4 catalysts that may push BNB price to $1,160 soon
